The 1928-S Peace Dollar stands out as one of the more intriguing and valuable coins in the Peace Dollar series. Minted during the final year of the first round of Peace Dollar production, this coin has garnered significant attention from collectors due to its unique history, design, and rarity.
Here’s a comprehensive guide to help you understand everything you need to know about the 1928-S Peace Dollar, from its creation to its current value.
Background and History of the 1928-S Peace Dollar
The 1928-S Peace Dollar is part of the larger Peace Dollar series, which was introduced in 1921 to commemorate the end of World War I and symbolize peace. The Peace Dollar series was temporarily interrupted in 1928 due to the exhaustion of silver purchased under the Pittman Act.
The Pittman Act authorized the melting of over 270 million silver dollars for use as bullion, which left the U.S. Mint with a shortage of silver for coin production. The minting of Peace Dollars ended in 1928, with a total of 1,632,000 coins struck at the San Francisco Mint.
Minting and Rarity
Despite the relatively high mintage for a Peace Dollar, the 1928-S coins are notably rare in higher grades due to weak strikes.
The San Francisco Mint struggled to produce well-defined coins, and many 1928-S Peace Dollars have been found with soft details, particularly on the reverse. This issue has made high-quality examples of the 1928-S Peace Dollar a sought-after rarity among collectors.
The coin’s mintage and the quality of the strike make it a condition rarity, especially in higher grades such as MS64 or MS65.
While not as rare as the 1928 Philadelphia Mint issue, the 1928-S still commands high prices in exceptional conditions. In fact, a coin in MS65+ can fetch upwards of $50,000 at auction.
Design and Features
The 1928-S Peace Dollar features a design by Anthony de Francisci, known for its striking symbolism. The obverse showcases a left-facing bust of Lady Liberty, wearing a radiating crown similar to the Statue of Liberty’s.
The inscription “LIBERTY” arcs across the top, with the motto “IN GOD WE TRUST” below. The coin’s reverse depicts an eagle perched on a rock, clutching an olive branch, signifying peace, with the inscription “PEACE” below. The mintmark “S” appears beneath the “ONE” on the reverse.
Key Characteristics of the 1928-S Peace Dollar
- Mintage: 1,632,000 coins
- Metal Composition: .900 Silver and .100 Copper
- Weight: 26.73 grams
- Diameter: 38.10 mm
- Edge: Reeded
- Design: Obverse designed by Anthony de Francisci featuring Lady Liberty; Reverse features an eagle and olive branch, also designed by de Francisci.
Current Market Value and Collectibility
The 1928-S Peace Dollar is highly prized among collectors, with its value fluctuating based on its condition and grade. Coins in lower grades (MS63 and MS64) are more affordable, with prices generally ranging from $700 to $1,500.
However, pristine examples, especially those in MS65 or higher, can command far higher prices. For example, a PCGS-certified MS65+ 1928-S Peace Dollar was sold for a record $55,813 at auction in 2019.
The rarity of well-struck 1928-S coins, combined with the ongoing demand from collectors, makes this coin a good investment for numismatists.
Additionally, there are notable VAM (Varieties and Errors) varieties for the 1928-S, such as the VAM 3 and VAM 3A, which feature doubled die errors on the reverse and can further increase the value of the coin.
Conclusion
The 1928-S Peace Dollar is a key piece in the Peace Dollar series and a must-have for serious collectors. With its unique historical background, striking design, and rarity in high grades, this coin continues to be highly coveted.
Whether you’re a seasoned numismatist or a newcomer to the world of coin collecting, the 1928-S Peace Dollar offers both beauty and value.
FAQs
1. Why is the 1928-S Peace Dollar valuable?
The 1928-S Peace Dollar is valuable because of its limited mintage and weak strikes, making high-grade examples rare and highly sought after by collectors.
2. What is the mintmark “S” on the 1928-S Peace Dollar?
The “S” mintmark indicates that the coin was struck at the San Francisco Mint, where 1,632,000 coins were minted in 1928.
3. How can I tell if my 1928-S Peace Dollar is in high grade?
High-grade 1928-S Peace Dollars, such as those graded MS64 or higher, will have sharp details and minimal wear. A coin with a soft strike or visible wear on the relief will generally be in a lower grade.
4. What are VAM varieties for the 1928-S Peace Dollar?
VAM varieties for the 1928-S include the VAM 3 and VAM 3A, which feature doubled die errors on the reverse of the coin. These varieties are highly collectible and can increase the coin’s value.
5. What is the current value of a 1928-S Peace Dollar?
A 1928-S Peace Dollar’s value varies based on its grade. Coins in MS63 or MS64 can range from $700 to $1,500, while coins in MS65 or higher can fetch five-figure prices, with top-grade examples exceeding $50,000.
